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SCMP Reporter

I AM going to move my office, which is also the registered office of my company in Hong Kong. Please advise me if I need to notify any government authorities of this change and how.

APART from sending removal notices to your employees, the landlord of your office premises and trade counterparts, you have to notify the Companies Registry by completing and filing a Notice of Change in Address of the Registered Office within 14 days of the change.

  You also need to inform the Business Registration Office (BR Office) within one month of the change by completing a Form 3111A.

  After receipt, the BR Office will amend its official record.

  When submitting Form 3111A, you should attach to it the original business registration certificate of your company in order that the BR Office can amend the information contained in the certificate.

  The certificate will be mailed back to your new office address for display after the amendment is made.

I AM a non-Canadian resident. I own shares of a private company in Canada that has significant growth potential and a small portfolio of Canadian publicly traded shares.

  If I die, will I be subject to estate taxes in Canada? CANADA no longer levies an estate duty. Instead, a person is considered generally to have disposed of his assets at fair market value at the time of death.

    As a result of this deemed disposition at fair market value, there will be capital gains tax payable in respect of the accrued gains to the date of death.

  Some 75 per cent of the capital gains will be included in the deceased's income tax return for the year of death.

   The amount of income taxes payable will depend on the taxable income of the deceased for that year.

   The gains deemed to have been realised on the private Canadian company shares will be subject to Canadian tax.

   However, the gains in respect of the portfolio of publicly traded shares will not be subject to Canadian tax.

  There are various methods which can be utilised to minimise the impact of capital gains tax insurance policy.

 Answers are supplied by KPMG Peat Marwick in association with the South China Morning Post. The information is for guidance only and you should not take action without seeking specific advice.



Moving red tape